The level of difficulty now facing the world economy amid unprecedented Western sanctions has not been seen since the end of World War II. The WTO and other institutions of global regulation are unable to cope with the problems that have arisen - they have neither the resources nor the tools to do so. Yevgeny Smirnov, professor of world economy at State University of Management, gave an assessment of the current situation, according to Prime news agency.

Last year, the world economy faced a number of unprecedented shocks. Inflation rose to levels not seen in 40 years. Central banks responded by tightening monetary policy, but this led to a decrease in economic activity in the world and new turmoil in the financial markets. Both developing and developed economies are experiencing stress today. This year, the expert notes, we should not expect a global recovery - the rate of central banks will remain tight due to financial instability and continuing problems with food and international supplies, and this, in turn, will increase the risk of global stagflation.